So.. I highly advise at the time of writing this that you do not cash out your Crypto, I believe the market will soon go on its biggest bull run yet, but some people need the cash, I get that. In this tutorial I will show you the fastest way to turn Crypto to cash, there are multiple ways to do this but I believe this is the fastest.
First decide which Crypto you wish to liquidate, If the coin you want to liquidate isn’t currently on an exchange and on another wallet such as Myetherwallet send it to an exchange because we will sell it for Bitcoin. If your crypto that you want to sell is already on an exchange then no problem.
So we need to sell the Crypto for Bitcoin, In this example I’ll use ETH, I want to sell 1 ETH and I want to get it in cash (GBP) so I’m going to head over to Binances exchange and sell my ETH for BTC there (ETH/BTC trading pair) as you can see the process is the same as when we bought, but this time we use the sell tab instead of the buy, I’ve entered 1 ETH in the amount as its what I want to sell, then I’ve entered the current market price (Last price at the top of the screen, even though its changed a little in the below photo)
Click sell and wait for the order to go through. You should now have BTC in your account. Head over to your Binance balances and you should see BTC. (Funds→ Balances)
See it? Ok great! Now we head over to Localbitcoins (click here) Sign up for an account, once registered you should see a screen like this:
Click the Balance where you can see my red arrow going to and you should then get a screen displayed like this:
Got it? Perfect, so far so good, we are almost there. Click ‘Receive bitcoins’ where once again my red arrow Is pointing. Now you’ll get a screen which displays your BTC wallet address, It should look like this:
Copy the address you see there. We are now going to head back over to the ‘Binance balanaces’ page, find BTC and click the Withdraw button
Once you click ‘withdraw’ you’ll see the below screen
Enter the amount of BTC you wish to sell in the amount box (Google BTC TO USD or BTC To GBP if you want to see a rough value of the BTC you are sending) also enter the address we copied on localbitcoins in the BTC Withrdrawal address field then click submit.
You’ll get an email confirming the withdrawal from Binance, confirm it in your emails by clicking the link Binance send you. Now we wait.. For both Binance to approve our withdrawal and the BTC Network (which can sometimes be slow sometimes to confirm our transaction) After around 30–40 mins the Bitcoin should appear in Localbitcoins balance top right(maybe faster or longer depending on external constraints)
(You can see incoming transactions on the ‘Recieve bitcoin’ tab on localbitcoins once binance approve it if you want to keep watching it)
Once the BTC Is In your Balance click SELL BITCOINS.
We’re almost there, you should see a screen like this. We are looking for ‘Payment method National Bank Transfer’ and look at the limits on the right hand side, as some have max and min caps. (If there isn’t one that matches how much you are trying to sell, just click ‘show more’) Once we have found one we like we are going to click the sell button, as we can see here, the buyer has a lot of feedback (1000+ and 100% you can click there names to read their feedback also) & Is online (Green icon next to their name means they are active, if you hover your mouse over the green dot It will say when they last refreshed the page) Oh yeah and don’t forget to check the price, you’ll never get the raw price from Google, but some prices between sellers are very different!
Now you will be given a form to fill in such as below, i’ll tell you exactly what to put in each box.
- Amount of BTC to sell, I usually only hold in Localbitcoins what i’m going to sell so I use all, it’ll tell you what you are getting in GBP also.
- Enter your Bank account name, eg if your Full Name
- Enter your bank sort code (If you don’t know what this is Google it)
- Enter your bank account number (Once again Google if you are unsure what this is)
- Reference/Message- This can be anything, just helps you identify the payment, I usually avoid putting anything Crypto related and usually use references such as Ollie1, Ollie 20 etc.
- In the box I usually just write something like ‘Hi, please let me know once paid, many thanks’
- Click send trade request once all boxes are filled out.
It’s that simple, now we wait for the buyer, he’ll pick up this order, speak to you in the chat box and tell you he’s made the payment. Check your bank account once he says he’s paid, if you have the money click ‘Release bitcoins’ on the right hand side, this will complete the trade giving him the Bitcoins from Escrow (Localbitcoins hold the BTC while you are carrying out the trade to prevent scams, so this will release them to the buyer.
Seems long, but its fast, trust me, fastest way to get cash to your bank account.
It’s 4.19am at the time of writing this, if there are any errors i’ll correct them later, if you are still confused please ask as it means I need to improve this tutorial.
FAQ
- Is this website safe?
I’ve done over 100 transactions on it, never had a problem, the BTC is kept in escrow when carrying out any transaction (BTC held by Localbitcoins) And if you do have issues not that you will you can click the dispute button and raise a dispute where both parties present screenshots and so on (I never expect this to happen to you)
- I’m not from the UK can I use this site?
Yes, some other countries are supported including the USA, Of course bank transfer speeds in different countries may differ, but you can sell for Paypal, skrill and other payment methods, even cash.
- Is there other ways of selling?
Yes and I will add them later, this is the fastest way that I personally use, Coinbase etc are too slow.
- Can I buy BTC from Localbitcoins too?
Yes.
- I have tutorial suggestion
Thats great, please get in touch by tweeting me @oly245
- What about taxes?
Please do your own research on tax, speak to a professional accountant, I cannot advise on this. Capital gains tax is due in the UK on any profits if that gives you a starting point for your research. I am not a tax advisor though so seek professional advice.
Follow me on here too (Medium) I’ll be posting lots of Crypto related content in the future, its also a great place to follow Crypto news. Also if you have time, click the clapping hands icon for me, or hold it to show your appreciation.
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Telegram Group: https://t.me/oly245cryptochat
Twitter: www.twitter.com/oly245
Other guides: https://medium.com/@oliverbell1994/
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